St. Louis, effectively the western annex of the Great Lakes’ area Rust Belt, is coming down with REO fever nearly as fast as Cleveland and Detroit. This classic brick St. Louis bungalow is listed for just $9,900, a small fraction of $87,500, what its previous owner paid less than two years ago (11/30/2006). Zillow.com estimates that this house is currently valued at $81,500 (which seems like quite a stretch in this market).With a basic light rehab costing $5,000 to $10,000, this house could make a great rental property. A 2-bedroom house in this north side neighborhood could be rented for between $600 and $700 per month, so it would totally pay for itself, including all rehab costs, in about 3 years. Properties priced this low are great opportunities for beginning investors to get into the market. If you’re looking for an entry-level cash investment in St. Louis, be sure to check out this REO.
The basics...
Address: 5920 Lucille Avenue, St. Louis, MO 63136
Current Listing Price: $9,900
PREVIOUS Sale Price: $87,500 (11/30/2006)
Size: 2 Bedrooms, 1 Bathroom; 1,075 square feet
Lot: .10 acres
http://www.realtor.com/realestate/st+louis-mo-63136-1099693617/
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